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Kuwait increases oil output to ensure market stability

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Kuwait has increased its crude oil production to match its 2.811 million barrels per day quota under the OPEC+ agreement, state news agency KUNA reported citing Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister and Minister of Oil.

The increased production follows announcements made by Kuwait Petroleum Corporation that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand, the minister stated.

Al Faris further stressed that Kuwait will continue to support efforts to promote market stability, particularly through the OPEC+ forum.

“Since 2020, OPEC+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets.”

He warned, however, that “structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity.”

This has created extraordinary volatility in the oil markets at a time when these markets need stability like never before to allow participants to plan future production capacity increases to meet rising demand, the minister said.